NBIS Truist We are initiating coverage of Nebius with a Buy rating and $355 PT. We view Nebius as an opportunity to invest in a scaling AI-n

NBIS Truist We are initiating coverage of Nebius with a Buy rating and $355 PT. We view Nebius as an opportunity to invest in a scaling AI-native hyperscaler still building out its infrastructure. We believe consensus forecasts for 2027E ARR are conservative given recent pricing ($20-25M/MW for 1-3 year deals, $40-50M/MW for shorter-duration) and are modeling 2027E ARR well above consensus. We see significant opportunity ahead for Nebius and estimate a $2.1T annual revenue opportunity at the cloud layer by 2030E. We see scarcity and contract economics supporting upside to pricing and revenue, and we see multiple paths to reaching 20-30% adj. EBIT margins over the medium term.